PM Turnbull needs to deliver reform

Four Prime Ministers in four years is hardly something to be proud of. Let’s hope the elevation of Malcolm Turnbull provides stability to Australia and the opportunity for overdue reform.

Many commentators have argued that the change in leadership can provide a much needed boost to business and consumer confidence, however real reform needs to be delivered to make this a reality.

Malcolm Turnbull and his Government need a strong and stable vision for the economy and, critically, adopt a bold agenda for tax reform.

Tax reform is unfinished business in Australia. Governments need to listen to the broad cross section of the Australian community calling for a broader, fairer tax regime.

The AICD supports a higher rate and broader base for the GST offset by tax reform across the States and Commonwealth.

What has disappointed many in the business community over a number of years is that issues are ‘taken off the table’ before all stakeholders have had the opportunity to debate them.

Although difficult and controversial, Australia needs to have a constructive debate on issues such as the GST and industrial relations policy if we are to continue our history of strong economic growth.

As a participant in August’s National Reform Summit, the AICD called on our political leaders to focus on four key areas:

1. Improve the quality of national governance.
2. Embark on a program of tax reform.
3. Deliver a national infrastructure plan.
4. Increase productivity and participation.

It is fair to say the business community views the change of leadership in a positive light, but unless real reform can be delivered, key economic indicators won’t improve.